BSP Islamic banking advocate wins influencer award

Bangko Sentral ng Pilipinas Senior Assistant Governor Arifa A. Ala received the “Woman Influencer in Financial Services Industry” award from the World Financial Innovation Series on Sept. 24, 2025, in Pasay City, and she serves as the BSP’s lead advocate for Islamic banking.

WFIS recognized Atty. Ala for her leadership in driving transformative change in the Philippine financial sector, helping to position Islamic banking and finance as a viable pillar of inclusive growth.

“This recognition affirms the BSP’s thrust to ‘create space for Islamic banking to thrive alongside conventional finance so that every Filipino, regardless of faith, could access fair and meaningful opportunities responsive to their needs,’” Atty. Ala said.

She dedicated the award to women and shared the honor with her colleagues at the BSP and partners in government and the financial industry, reaffirming her commitment to growing Islamic banking and finance as a force for inclusion, equity, and sustainable development.

Atty. Ala played a major role in the enactment of the Islamic Banking Law in 2019 and its prompt implementation by the BSP, and she also championed a whole-of-government approach to develop the Islamic finance ecosystem through the Islamic Finance Coordination Forum.

Enacted as Republic Act No. 11439 in 2019, the Islamic Banking Law established a regulatory framework for Shariah-compliant banking in the Philippines.

This whole-of-government approach has led to the licensing of two new Islamic banks and four Islamic insurance (takaful) operators.

Now on its fourth year, the annual WFIS brings together technology and business heads from leading banks, insurance firms, and microfinance institutions across the country to discuss emerging technologies and trends in the financial sector.

Islamic banking is a Shariah-compliant financial service that supports the BSP’s goal of strengthening financial inclusion for all Filipinos by providing Muslims access to financial products and services while offering an alternative banking and finance option for non-Muslims.